Zenith Bank held its 10th International Trade Seminar on Non-Oil Export on 25 August 2026, detailing new strategies to scale the production and shipment of non-oil goods to boost Nigeria’s foreign exchange earnings.
The virtual event brought together a coalition of policymakers, regulators, exporters, and investors to address the persistent challenges hindering the growth of Nigeria’s non-oil sector.
The seminar marks a decade of the bank’s advocacy for economic diversification, occurring at a time when the Nigerian government is under increasing pressure to reduce its systemic reliance on crude oil for fiscal stability.
Bank officials and industry experts noted that scaling non-oil exports is no longer optional but a necessity for maintaining macroeconomic stability amidst volatile global oil prices and fluctuating exchange rates.
The discussions focused on identifying specific high-growth sectors, including processed agricultural products, solid minerals, and manufactured goods, which possess a competitive advantage in global markets.
Participants emphasized the need for a coordinated approach between financial institutions and the Nigerian Export Promotion Council (NEPC) to ensure that exporters can access the necessary certifications and market intelligence to compete internationally.
Addressing Barriers to Trade Finance and Market Access
A central theme of the seminar was the gap in trade finance, which often prevents small and medium-sized enterprises from scaling their export volumes.
Exporters cited the high cost of credit and stringent collateral requirements as primary obstacles to expanding their operations into new international territories.
Zenith Bank indicated that enhancing trade finance instruments, such as letters of credit and export credit guarantees, is essential for mitigating the risks associated with cross-border trade.
The bank highlighted the importance of digital trade platforms in reducing the time and cost of documentation, which currently serves as a significant bottleneck for many Nigerian firms.
Regulators from the Central Bank of Nigeria (CBN) noted that monetary policy and foreign exchange regulations must remain aligned with the goal of encouraging non-oil export growth.
The seminar also examined the impact of the African Continental Free Trade Area (AfCFTA), which provides a framework for reduced tariffs and easier movement of goods across African borders.
Industry experts argued that Nigeria has yet to fully leverage the AfCFTA to export manufactured goods to neighbouring markets, citing infrastructure deficits and inconsistent power supply as key inhibitors.
To counter this, the seminar proposed the creation of specialized export hubs that integrate processing, packaging, and logistics to ensure that Nigerian products meet international quality standards.
The bank stated that its commitment to the non-oil sector includes providing tailored financial advisory services to help companies transition from raw material exports to value-added processed goods.
Value addition remains a critical failure point in the current export model, as Nigeria continues to export raw cocoa and cashew nuts while importing the finished products at significantly higher prices.
The event concluded with a call for stronger public-private partnerships to improve the ease of doing business at the ports and to streamline the customs clearance process for export goods.
The next phase of the bank’s strategy involves monitoring the adoption of the proposed frameworks by exporters and collaborating with the government to resolve lingering regulatory bottlenecks.
The bank expects to review the progress of these initiatives in its subsequent trade engagements, with a focus on measurable increases in non-oil export volumes by the end of the next fiscal cycle.
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